Company No: 03557884 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	48,834		82,042
Tangible assets	4	506,583		575,389
		555,417		657,431
Current assets
Stocks	5	248,215		265,092
Debtors	6	392,939		337,735
Cash at bank and in hand		759,255		719,724
		1,400,409		1,322,551
Creditors: amounts falling due within one year	7	( 694,138)		( 661,640)
Net current assets		706,271		660,911
Total assets less current liabilities		1,261,688		1,318,342
Creditors: amounts falling due after more than one year	8	( 160,561)		( 191,855)
Provision for liabilities	9	( 92,088)		( 111,526)
Net assets		1,009,039		1,014,961
Capital and reserves
Called-up share capital	10	4		4
Profit and loss account		1,009,035		1,014,957
Total shareholder's funds		1,009,039		1,014,961

For the financial year ending 31 May 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Wing of St Mawes Limited (registered number: 03557884) were approved and authorised for issue by the Board of Directors on 13 December 2025. They were signed on its behalf by:

R D Clifford-Wing Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wing of St Mawes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when; the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill	10 years straight line
Other intangible assets	4 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery	15 - 25 % reducing balance
Vehicles	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

The company has received grant funding from the Marine Management Organisation (MMO) to part fund improvements to the company's fish processing infrastructure.

The company has elected to account for such grants under the accruals model as permitted by FRS102. Grants of a revenue nature are recognised in other operating income within profit or loss in the same period as the related expenditure. Grants relating to capital items are included in deferred income and released to other operating income in profit & loss so as to match the consumption of the underlying assets.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	44		41

3. Intangible assets

	Goodwill		Other intangible assets		Total
	£		£		£
Cost
At 01 June 2024	30,001		132,832		162,833
At 31 May 2025	30,001		132,832		162,833
Accumulated amortisation
At 01 June 2024	30,001		50,790		80,791
Charge for the financial year	0		33,208		33,208
At 31 May 2025	30,001		83,998		113,999
Net book value
At 31 May 2025	0		48,834		48,834
At 31 May 2024	0		82,042		82,042

4. Tangible assets

	Plant and machinery		Vehicles		Total
	£		£		£
Cost
At 01 June 2024	914,621		321,628		1,236,249
Additions	5,080		59,355		64,435
Disposals	0		( 51,493)		( 51,493)
At 31 May 2025	919,701		329,490		1,249,191
Accumulated depreciation
At 01 June 2024	522,959		137,901		660,860
Charge for the financial year	60,907		50,107		111,014
Disposals	0		( 29,266)		( 29,266)
At 31 May 2025	583,866		158,742		742,608
Net book value
At 31 May 2025	335,835		170,748		506,583
At 31 May 2024	391,662		183,727		575,389

5. Stocks

	2025		2024
	£		£
Stocks	248,215		265,092

6. Debtors

	2025		2024
	£		£
Trade debtors	315,631		241,319
Amounts owed by Group undertakings	25,221		2
Prepayments	32,362		9,555
VAT recoverable	13,677		42,091
Corporation tax	0		1,700
Other debtors	6,048		43,068
	392,939		337,735

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	361,308		404,831
Amounts owed to Group undertakings	143,693		0
Amounts owed to directors	69,180		130,053
Accruals and deferred income	38,144		68,261
Corporation tax	24,856		0
Other taxation and social security	25,111		19,087
Obligations under finance leases and hire purchase contracts	6,873		19,656
Other creditors	24,973		19,752
	694,138		661,640

The hire purchase liabilities are secured on the assets to which they relate.

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Deferred income	160,561		184,982
Obligations under finance leases and hire purchase contracts	0		6,873
	160,561		191,855

The hire purchase liabilities are secured on the assets to which they relate.

9. Provision for liabilities

	2025		2024
	£		£
Deferred tax	92,088		111,526

10. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
4 Ordinary shares of £ 1.00 each	4		4

11. Financial commitments

Commitments

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating leases	1,193,269		2,984,457

Commitments includes £1,187,500 future lease payments due for the rent of the company's land and buildings (2024 £2,970,000). The rental agreement was varied during the year with a reduced rent payable from 1 June 2025.

12. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Directors loan	69,180		130,053

The directors have provided working capital to the company by way of an interest free loan.

13. Ultimate controlling party

Parent Company:

Cortez Holdings Limited

Lowin House, Tregolls Road, Truro, TR1 2NA